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Liberty Mutual makes gains despite weather losses

Liberty Mutual increased profit by 4% to $US276 million ($343.52 million) in the March quarter.

CEO David Long says it is a good result despite severe winter weather and market pressures in the energy sector.

Revenues grew marginally to $US9.68 billion ($12.05 billion) and the combined operating ratio improved to 97.1%, compared with 99.5% in the corresponding period last year.

The specialty insurance business, which operates in Australia, increased net written premium by 21% to $US1.27 billion ($1.58 billion), which Liberty says is due to lower reinsurance costs.